https://www.taxtmi.com/caselaws?id=210217 The ITAT set aside the CIT(A)'s decision and deleted the penalty imposed under section 271(1)(c) for concealment of income. The ITAT found the assessee's explanation for not disallowing interest on loans from non-Public Financial Institutions to be bona fide, emphasizing that penalty proceedings require separate evaluation under Explanation-I to section 271(1)(c). The ITAT ruled that the penalty could not be upheld solely based on the lack of appeal against the assessment order. Consequently, the penalty was deleted, and the appeal of the assessee was allowed. en-us Fri, 29 Jul 2011 00:00:00 +0530 Wed, 25 Apr 2012 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210217 The ITAT set aside the CIT(A)'s decision and deleted the penalty imposed under section 271(1)(c) for concealment of income. The ITAT found the assessee's explanation for not disallowing interest on loans from non-Public Financial Institutions to be bona fide, emphasizing that penalty proceedings require separate evaluation under Explanation-I to section 271(1)(c). The ITAT ruled that the penalty could not be upheld solely based on the lack of appeal against the assessment order. Consequently, the penalty was deleted, and the appeal of the assessee was allowed. Case-Laws Income Tax Fri, 29 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210217